We certainly haven’t been shy about identifying the rout in EM stocks and the very emotional selloff that took place in August. At the time we showed that the emotion at the August low was commensurate with the 2011 and 2008-2009 panics, both of which happened to be good buy spots for EM stocks. Given […]

Highlights: Testing the lows seems like an apt description of the action today in global stocks The weakness started in Japan with the Topix off 1.7% and then permeated Europe and culminated with the US market down about 2.6% Health Care (-2.8%), Energy (-3.6%) and Materials (-2.5%) led the selloff today as Utilities and Staples […]

Highlights Despite strength throughout most the trading day, US stocks could not keep it together and ended up giving back the entirety of an almost 1% move Europe and Japan both finished up considerable, however, with Germany and France up just shy of 1% and Japan up about 1% All in all DM stocks were […]

The rally in stocks off of the August low has in some respects alleviated worst case fears about the fate of the Chinese economy. After all, in hindsight it is pretty clear that the selloff was driven by a simultaneous rerating of Chinese growth expectations by market participants combined with the possibility of higher short […]

Highlights: The driver of today’s market price changes seemed to be the confirmation of further weakness out of China The Chinese Flash PMI was down three tenths to 47, which is the lowest reading since early 2009 US stocks finished down again on the day (down 20bps), but the real story was the weakness out […]

In remembering the late, great Yogi Berra, we can’t help but associate one of our all time favorite Berraisms with the current stock market environment as compared with that of late 2011. From our perspective it looks and feels like deja vu all over again. Most of our readers probably vividly remember the panic that ensued […]

The just released Chinese PMI number was disappointing, to say the least. The “flash” PMI data show a fall from 47.3 in August to 47.0 in September, the lowest level since early 2009, and highlight that the conspicuous slowing of the Chinese economy is still very much in play. Allow us to not go out […]

Highlights: Substantial weakness out of Europe dragged down US stocks initially and they were unable to overcome the selling pressure despite a rally attempt that began in the early afternoon US stocks finished down 1.2% on the day with all 10 economic sectors down at least 1% and materials down a hefty 2.9% on an […]

During this cycle the positioning of commercial traders (the smart money) has been a crystal ball for players in the treasury market. Every peak in long bond rates since 2010 has been associated with commercial traders net long options and futures contracts on said instrument. At a net long positioning of about 34,000 contracts, the […]

Choppy day for global stocks as overnight weakness out of Japan was met with mixed review in Europe that dragged US stocks down until the European close, with they subsequently rebounded for a nice gain of .5% Sector leadership, including the after hours session had Energy, Materials and Industrials lower and Utilities and Health Care […]

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The launch date of the Knowledge Leaders Knowledge Leaders Developed World Index (Bloomberg ticker KNLGX is 7/1/14 and the base date of the index calculation is 3/31/2000. The launch date of the Knowledge Leaders Emerging Markets Index (Bloomberg ticker KNLGEX) is 9/2/14 and the base date of the index calculation is 4/1/2005. The launch date of the Knowledge Leaders International Index (Bloomberg ticker KNLGINX) is 8/15/16 and the base date of the index calculation is 3/31/2000. The launch date of the Knowledge Leaders United States Index (Bloomberg ticker KNLGUSX) is 8/15/16 and the base date of the index calculation is 3/31/2000. The launch date of the Knowledge Leaders Developed World ADR Index (Bloomberg ticker KNLGAX) is 9/13/16 and the base date of the index calculation is 3/31/2000. The launch date of the Knowledge Leaders International ADR Index (Bloomberg ticker KNLGINAX) is 8/30/16 and the base date of the index calculation is 3/31/2000.

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